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The Central government on Thursday announced 'one nation, one ration card' system to allow national portability of ration cards for the people, who can now avail the benefits under the PDS system wherever they are in the country.   The scheme was announced by Union finance minister...

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Sucheta Dalal Sucheta Dalal 21 October 2020
In a 60-page order issued on 20th October, the NSE Clearing Ltd/ National Stock Exchange (NSE) has asked Edelweiss Custodial Services Ltd to credit Rs460 crore that was provided as a bank guarantee by Anugrah Stock & Broking Pvt Ltd (Anugrah) to an escrow account. Following an investigation,...

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More trouble is brewing for GVK Infrastructure and Power, including Mumbai International Airports Limited (MIAL), after the action by enforcement agencies as the lenders are in the process of appointing a forensic auditor. Top banking sources revealed that this is imminent after the PWC...

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TR Bhat TR Bhat 24 August 2020
After three rounds of mergers of 28 public sector banks (PSBs) to reduce their number to 12, the Union government is now planning to sell some of them.  The familiar cliché is that it is not the business of the government to be in business. With the non-performing assets (NPAs) going out of...

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Moneylife Digital Team 28 September 2021
The resolution process of the beleaguered Dewan Housing Finance Ltd (DHFL), apparently in its final stages, is causing a lot of anxiety among investors. While holders of non-convertible debentures (NCDs) are expected to be repaid in a couple of days, the unexplained debits and credits in...

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Yogesh Sapkale Yogesh Sapkale 12 October 2020
Following in the footsteps of other large public sector banks (PSBs), Central Bank of India too wrote off Rs17,239.74 crore and recovered a paltry 7% or Rs1,205.92 crore over the past eight financial years from big defaulters. As it has become a norm with PSBs, Central Bank too denied sharing...

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Moneylife Digital Team 07 December 2020
At 18 broker defaults on the National Stock Exchange (NSE) and 16 on the Bombay Stock Exchange (BSE), the year 2020 has seen the highest number of broker defaults in the past 20 years. In fact, since the dotcom bubble burst and the Ketan Parekh scam of 2001-2002, this is the highest number of...

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Moneylife Digital Team 10 October 2020
A long moratorium exceeding six months can impact credit behaviour of borrowers and increase the risks of delinquencies post resumption of scheduled payments, the Reserve Bank of India (RBI) told the Supreme Court.   According to a report from LiveLaw, the central bank has submitted...

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A message is being circulated widely on WhatsApp and other social media with a claim that the benefits under two of the prime minister's (PM's) schemes—the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY)—can be claimed for COVID-related...

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Moneylife Digital Team 16 October 2020
Investors of Modex International, a brokerage firm, which has apparently duped investors of around Rs100 crore can finally hope to get some money from stock exchange investor protection funds.  Although the largest default was on the National Stock Exchange (NSE), the Bombay Stock Exchange...

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Sucheta Dalal Sucheta Dalal 27 January 2021
It is over a decade now that, we, Indians have been putting up with the harassment, humiliation and mental agony of banks arrogantly freezing savings and current accounts for technical reasons, the most common one being non-compliance with frequent updation of know-your-customer (KYC)...

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Shrirang Samant 23 February 2021
Ever since the finance minister (FM) announced in her budget speech that the government will privatise a couple of banks and a general insurance company in the coming financial year, speculation has been rife about the possible candidates for disinvestment. There has been another major...

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Zafar Abbas (IANS) 14 September 2020
Online fraudsters might have mastered the art of duping people with various new stratagems but their inability to communicate fluently in English has limited their reach to the Hindi-speaking belt. An analysis of complaints received on the National Cyber Crime Reporting Portal reveals that...

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Moneylife Digital Team 07 November 2020
Pensioners who get their due pension through Pension Disbursing Authorities (PDAs) such as the bank or the post offices are required to furnish a 'life certificate' or Jeevan Praman Patra' to these PDAs once every year. This life certificate is submitted either by presenting themselves...

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Moneylife Digital Team 13 January 2021
Market regulator Securities and Exchange Board of India (SEBI) on Wednesday passed an interim ex-parte order banning Hemant Ghai of CNBC Awaaz and two of his family members from recommending stocks. The order comes in the matter of CNBC Awaaz “Stock 20-20” show co-hosted by Hemant Ghai....

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Moneylife Digital Team 16 October 2020
Close on the heels of several brokerages shutting shops, Mumbai-based Action Financial Services (India) Ltd (AFSL), a listed company, has also closed its business as stock trading member. While AFSL has disabled its terminals from 18 September 2020, several of its clients are clueless about...

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The Reserve Bank of India (RBI) on Thursday came up with a fresh set of risk capital charges for banks investing in debt instruments such as mutual funds or exchange-traded funds (ETF).   RBI Governor Shaktikanta Das said that computation of total capital charge for market risk shall...

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Moneylife Digital Team 27 July 2020
The plans of public sector banks (PSBs) in India to raise capital from private sources will not be sufficient to mitigate anticipated risks unless supplemented with additional capital support from the State, says Fitch Ratings.    Several large State-run banks have recently announced...

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Yogesh Sapkale Yogesh Sapkale 07 August 2020
Bank of Baroda (BoB) is the second public sector bank to write off bad loans of several thousand crores of rupees, following the foot steps of State Bank of India (SBI), which wrote off Rs1.23 lakh crore and recovered just over 7% in the past eight financial years. Information about BoB’s...

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Moneylife Digital Team 22 June 2020
A committee appointed by the Reserve Bank of India (RBI), headed by chief executive of Indian Banks’ Association (IBA) and consisting of representatives from all stakeholders, except bank customers, has recommended an increase in interchange charges for all transactions carried out on...

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